Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 50. (Read 6572 times)

Gambling is gambling, no matter what the odds is.

This is why I don't want to gamble on very low odds to win low money, it's better for me to gamble on high odds to win high amount money.

Although low odds will increase the chance you will win, but you will wasting time since you need to make many bet in order to make good amount of profit. However I think such unlucky moment is mostly happen on dice or other house game rather than in sport.

In today's market price the gambler have risked around 67BTC for a mere winning of 0.51BTC, for which he could've chosen the opposite odds. As said gambling gives unexpected outcomes irrespective of the odds. This is one such example that the low odds too fail, even though the winning probability is high. If I'm not wrong, this loss will give him a learning or he'll turn to be a addicted gambler looking to recover the massive loss that happened completely unexpected.

Wow. That is one of the worst losses that I have heard of in the gambling world. 1.01 or lower are generally considered sure bets, but there is always that extremely small chance of losing them if luck isn't on your side.

Regardless of whether he is rich or not, he surely regretted and felt mad about losing that kind of money on such a worthless bet. Personally, I would have invested all of that money into BTC when it went down and HODL until it went back up.

That would have fetched him 10% - 20% profit quite easily in the short-term.

this is how greedy gamblers end , after trying to make money from bets ending with one bet with huge amount , a lesson that earned the very hard ways. hope that this gambler is a millionaire that won't end His life just because of this devastating outcome of His action.
I can relate to this but mine is just a peanut and a result of my greediness and i also doing this sometimes because of the thrill and nothing more.

The few times I bet on something other than poker, I prefer the opposite, to have low odds but that if I win, I get a big prize. The strategy that he used in this case, although safe there is always a risk of loss, and to be able to lose so much to win so little does not call my attention. Besides it is more boring. If you win, it's normal, and if you lose, you'll shit your pants.

No, 1.70 is not low odds. That's just more than 50% chance of winning, but less than 60%. That's almost 50:50. That can't be considered one of those "sure win" type of low odds.

Anyway, to bet bigger amounts on very low odds is one strategy that is actually understandable. I did it. Majority of us certainly did it. After all, how are you going to make money with odds as low as 1.008 if you don't bet big? But I agree with you that the problem really is that he/she overdid it by risking $1.4 million. But it also depends on how rich he/she is. To his/her wealth, it might not really be "overdid."

Since the identity of the gambler is unknown we do not know if this was all their gambling funds or possibly all the funds they had saved over many years.

But one life lesson which can be learned from all of this is to never go all-in regardless of how safe you think the bet may be, because even unlikely events happen form time to time, and if you are as unlucky as this gambler then the consequences of losing are massive and could even change your life, so it is important to set a limit on how much we allow ourselves to gamble on each bet as to avoid to find ourselves facing a scenario like this one.

Yeah, there are no safe bet even with that odds, there are still a chance for someone or some team to overcome that odds and this is one classic example. The risk is there, but I think this is a season gambler and he knows what his doing. It's that the luck is not on his side or with the Los Angeles bet on him.

And for us just average gamblers, sometimes it's really worth to bet on the underdog, maybe we will win and could it be a windfall for us.

This is gambling though, when you thought that you can go sleep and thinking that when you wake up, you will have a win, then suddenly the wind changes the course of your luck, Ouch!.

In any sport, that's the impression when it comes to moneyline. Even 1.70 is enough of a guarantee that it's more than 50% winning rate so obviously was want to win. The problem is that he overdid it with the odds of 1.01 and with $1.4M risk.


We all did it in the past. I won however but was really risky to bet $500 to win $50. I would still be trying to do it but only such an amount. Not more than $500. I will probably be regretting still if I lose.

I also learned it the hard way as sometimes you think it is a surebet and thus free money. That is also why I stopped betting on live markets as betting on these low odds will go good 10-20 times, but it only needs to go wrong 1 time and than you will have lost a lot of money!

I remember myself losing like this odd before , as i tried doubling my wins for couple of hours in single bet and boom , I am a loser that chance.

maybe this is a lesson that in gambling  most losses are possible but winning is hard to maintain .

1.4 million is too much to risk in single round , maybe now he had learned it the hard way and may never to happen again , sorry for Him though .

I would add one more lesson:

- after all, sports betting isn't too different from casino's games.

I'm not surprised by these news, because something similar has already happened to me when I lost 3 times in a row with odds of 1.01. The problem is that we think it's impossible to lose with such odds, especially in sequence, so we tend to increase the size of the bet a lot to make the profit worth. In the end we lose a lot of money in a single bet, while we could have used that sum to place lots of different smaller bets, having at least some extra entertainment for longer.

I guess the usual generalization is that if the odds is 1.01, it must be a sure win. In percentage, that's 99% chance of winning. With that kind of odds, I won't even bet on money line because the profit would be so low it's not worth it. I'd rather look for better handicap odds.

However, other bettors would take advantage of this sure win match and wager a huge amount. That's how they make up for the very low odds. In reality, however, it's a game you're betting on. And the game has yet to be played. And there's an equal number of players on both teams who all know the game and are able players. Meaning to say, an upset is always possible.  

I really don't think it is a wise idea to risk a huge amount on such very low odds.

I can't believe there are really bettors who are brave enough to put and risk that kind of huge amount thinking 1.01 odds is a sure win.

And the winning amount if the bettor won it? $14,000. Not worth risking a crazy $1,400,000 for that amount of winning.

It's hard to move on from that experience knowing 1.01 odds is almost a sure win. To also feel the profits betting on such low odds, a mandatory and necessary high stake is needed and that's where it becomes riskier.

I experienced this multiple times before, specifically on Crash games. Every time I go all in with the lowest odd in an attempt to recover some of my previous losses, I lose! It's hard to believe that you can be so unlucky but it is what it is and fortunately the crash games I play are provably fair so I could verify I haven't been cheated.
It's not a mistake, it's bad luck which you can't avoid. However, a good or a smart gambler would never gamble what he can't afford to lose.

I think the gamvler that lsot such huge amount may have made all that money from gambling so this lose may not have too much impact of his finance.

We have high wagerers who can risk such an amount cumulatively, and the odds that lead to their loses notwithstanding, gambling habkt

may go overboard for some gambler who may not mind the amount they have wagered most especially if theirare trying to reciver previously loses.

1.4 million of dollars is quite huge a lose for an ordinary gambler unless a whale!

Stupid indeed which its never been ideal on going all in even if you do have that 99% chance of winning.Somehow we are really just humans believing that it is really that close to impossible for us to lose and this is why we

do really make ourselves that confident and ending up on making huge mistakes if ever the result or roll outcome would really be a loss.It is really giving off that kind of regret that you wont really be forgetting for the rest

of your life.This is one of the risk when dealing up with those so-called sure bets where those things arent 100% assured win which we know that it cant be possible
in gambling field.

This is what I'm saying before, it's more painful to lose a decent amount of betting in considered low odds (or safe odds to others) compare to risking money in underdog or high odds since upsets do happen. Imagine the amount that a bettor should stake just to feel the profit on these low odds where even though the chances of winning are really high, we can't disregard the fact that losing might still happen.

No way I will risk a huge amount even if the chances of winning are 99% for 1.01 odds.

My limit of tolerance in terms of choosing low odds is around @1.5 fixed. Can't risk lower than that.

Well, at least you've lost your own money. I vaguely remember a guy from this forum gambling away investors' money that he raised for his venture. He was then repaying that for a long time.

Again, a 99% chance of winning can be very deceptive and can cause people to make stupid decisions.

One wonders, perhaps he had an error...(!?)

Man, I have read some comments, such as "how stupid", "how are you going to make that bet...", "the risk of x$, it was not worth that return y$"... etc.

Would you buy this:
Louis Vuitton LV x Nike Men's 7.5 Virgil Abloh Air2 Damier Force7,9Damier Azur7

Oh! and curious Free Shipping. With which company do they send me shoes of that price (hahaha)

In those shoes is the answer to that bet:

My point, so, Let's say that for your spending budget, $100 shoes would be fine, that is, if you lose them in a suitcase or they are stolen, no problem, surely that does not hit your budget.

Now! in the case of the person who buys Louis Vuitton LV x Nike, they are stolen, surely you will not only him be able to buy others, I say capable and it comes with a monthly insurance of several dollars.

So, equivalence is welcome here, I've seen bets of $600,000 for @1.01, there they are, there are several Twitter accounts with crazy alerts for the common mortal. I mean, they're not that weird.

Now, it must be clarified that in this case it was @1,008. Whatever, the issue then is that if you are surprised by that bet it is that you think that surely nobody will buy a pair of $276,923 sneakers and that the correct thing is $100 because if you lose them it is only $100.

So, to the point, the mistake here is that the guy makes a $1.4M bet and can only buy $100 sneakers, but if he's a guy who can buy $276,923 sneakers, surely it's just a blow to his ego or he just has a red amount of - $1.4M.

Now, the bookmakers accept these bets because they get a great benefit but only win 0.8% of the time, in this case for example.

So, you have a 99.2% chance of winning, and add that you have additional information, it's a live bet, oh sure, bet $100 if it's okay, $276,923 is an error.

My ...:
The issue here is not losing, since 99.2% is not negligible, (yes, yes, yes, you have to understand the mirage) the issue is that the same bet does not offer a quick return in time in case of losing and that in itself It is itself what makes it very bad in the long run.

If we reduce the numbers we can say that for each risk of $1400, $11.2 is earned (benefit). Now, having a 99.2% probability of winning, it would take him 125 times to reach the breakeven. In other words, it is a Fk bitch-bet, unless you have $1,400 left over for @1,008 at 125 times, come on! it's like buying a pair of shoes for + $200,000.

 

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^{corollary:The issue of whether he is an addict as mentioned, or whatever, it is another story, do not mix feelings here.}